VanTrust Real Estate is coming back for a third time to a master-planned development in Jeffersonville, Ind., to build another industrial property. The company broke ground on Gateway 1000, a 1 million-square-foot speculative development that benefits from a 10-year, 50 percent real estate tax abatement.
The developer tapped RED Architecture to design the building, while Pepper Construction will serve as the project’s general contractor. Completion is expected by summer 2023.
Gateway 1000 is taking shape on 74.2 acres within River Ridge Commerce Center, a 6,000-acre master-planned development facing Indiana Highway 62. When complete, the warehouse will have 100 dock doors and 40-foot clear heights. CBR‘s Kevin Grove and Alex Grove are the property’s leasing agents.
The development site is at the intersection of Paul Garrett Avenue and International Drive in the Louisville, Ky., metro area, some 3 miles north of Interstate 265. The location is near Gateway 700, another industrial building developed by VanTrust.
VanTrust’s third industrial project in River Ridge
River Ridge Commerce Center came into being in 1998, on the former site of the Indiana Army Ammunition Plant. The River Ridge Development Authority invested more than $130 million in the area’s redevelopment into a master-planned home for manufacturing, distribution and industrial companies. The campus’ roster includes more than 60 tenants from a variety of industries, including aerospace, automotive, food and beverage, information technology, life sciences and logistics.
For VanTrust, Gateway 1000 is the third River Ridge project and the fifth development in the Louisville area. The first was Gateway 600, a 592,800-square-foot distribution facility that was completed in 2018 and leased to Ingram Micro. The company returned to the master-planned industrial campus in 2020 to develop Gateway 700, a 703,000-square-foot speculative building that CTDI acquired in 2021.
Since the beginning of the year, VanTrust has started work on several developments across the US The firm recently broke ground on two industrial projects located further north in Indiana and on a 4.5 million-square-foot industrial park in Las Vegas.
New Albany Tech Park, an industrial project located on a 500-acre site in New Albany, Ohio, is also on VanTrust’s development agenda. The campus will take shape just south of an upcoming Intel chip plant.